Halstead 1Q 2009 Market Report
Posted by Noah Rosenblatt on April 8, 2009 at 3.37 PM
A: Busy day so I am just going to plot some charts and provide a link here to Halstead's 1Q 2009 Manhattan market report. Here is Streeteasy.com's 1Q 2009 report as well. Enjoy.
Comments (10)
Hi,
Nice stats .
Providing helpful information.
Thanks for sharing.
Posted by Apartments new york | April 8, 2009 5:52 PM
How on earth is a studio in manhattan still going for $600,000 in this market? Who's buying this stuff?
Posted by mg | April 9, 2009 12:21 AM
The decline is just getting started in NYC.
Posted by Josh | April 9, 2009 1:17 AM
I do not believe these condo prices. Something must be wrong.
Posted by Tugay | April 9, 2009 9:57 AM
I imagine this data is all based on closings that went into contract 9 to 12 months ago which was a very different world. If that's true, we are seeing what the beginning of the end of the top looked like. Similar to cap rate compression on different property types, the one bed and studios will start to show an increasing decline as we get further into 2009. Until one bed condos are in the 400k to 500k range (which means co-ops are sub 400k), we are no where near the bottom. I feel for folks who bought really nice new 2 bed condos because their equity may never get whole - quite literally they are living in very expensive rentals with long term leases with serious penalties for early termination.
Posted by Fred | April 9, 2009 10:23 AM
Just a quick comment on these numbers. Notice that the median price is well below the average price. This implies that average price is being dragged up by a smaller number of very high ticket sales. The spread between the two has narrowed over time suggesting that the number and/or frequency of very high ticket sales has moderated. Mega sales in the Plaza were identified as one source of the spread in average vs. median prices and potentially a reason for high year on year growth rates in average sales during 2008. I don't know if sales there have concluded, but it looks like many have been sold according to Street Easy.
Posted by jeff | April 9, 2009 10:25 AM
Why is the time on market cutoff after 9-months? Are they assumed to never sell? And why 9-months?
Posted by hsw9001 | April 9, 2009 11:56 AM
Geez, these figures are almost as unrealistic as the property tax assessments the city is giving ppl living in Brooklyn...($650k for a 2 br house in Cypress Hills for ex.) Or alternately, as unrealistic as the recent stock market action.
Posted by In Debt We Trust | April 9, 2009 4:07 PM
Speaking of the stock market and CRE, SRS got murdered today. But not as much as FAZ or SKF.
Posted by In Debt We Trust | April 9, 2009 5:14 PM
Noah - do you have insight as to why Corcoran has dropped street numbers from its listings? What's the gimmickry all about?
It feels like desperation of some sort, but could simply hurt their clients.
Posted by anon | April 11, 2009 11:07 PM